steve also. >> hey, bill. >> i'm sure you heard steve go through some of those and you heard steve's characterization. here is the times. they're going through these as we speak right now. they call it a sign of an institution finally lurking into action. is that how you recall it? >> no. i don't think that characterization is fair or accurate. what we did not know but i don't think many others did either, what we did not know is that there were so many banks that had a large, huge portfolios of sub prime paper, long-term, long maturity, sub prime, financed with very short-term commercial paper, a few weeks, and practically no capital. we should have understood that better and we didn't. >> august meeting. you are the first to push for a discount rate cut and liquidity measure. some people calling you prescient today. what were you thinking at the time and how difficult was it to get others to think that way with you? >> well, as i remember, the -- i think the august meeting you have in front of you, i think it was august 7 is what i remember. >> yes. >> that was just before the mark